https://www.taxtmi.com/caselaws?id=276193 A partnership is not rendered nongenuine merely because one partner is alleged to be a benamidar or because the deed reserves proprietary rights in capital-contributing partners and allows adjustment of profit shares or admission of new partners. The court held that partners may contractually define their mutual rights and obligations, and such terms do not destroy the essential relationship of partnership if the arrangement still reflects real partnership inter se. On that basis, the firm was treated as genuine and entitled to registration, and refusal of registration on the ground of nongenuineness was held to be wrong. en-us Thu, 15 Dec 1966 00:00:00 +0530 Thu, 01 Nov 2018 14:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276193 A partnership is not rendered nongenuine merely because one partner is alleged to be a benamidar or because the deed reserves proprietary rights in capital-contributing partners and allows adjustment of profit shares or admission of new partners. The court held that partners may contractually define their mutual rights and obligations, and such terms do not destroy the essential relationship of partnership if the arrangement still reflects real partnership inter se. On that basis, the firm was treated as genuine and entitled to registration, and refusal of registration on the ground of nongenuineness was held to be wrong. Case-Laws Income Tax Thu, 15 Dec 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276193